Legacy systems, including legacy databases, implemented in one or more entities are highly valuable and critical to the entities that may correspond to banks or other financial setups. The one or more entities may reach a state where one or more factors may limit ability of the legacy systems to evolve and quickly respond to changing business requirements. Some of the bank entities mainly function on legacy databases which comprise of records and data associated with customers, transactions, policies and so on. Legacy systems of such bank entities range from mainframe technology to custom applications and other applications which lack accessible interfaces and are not intended to deal with rapidly increasing mobile services. Sometimes such legacy databases have inability to offer capabilities necessary for services on social networks and other platforms to the customers. Also, the legacy system may not meet current demands associated with mobile technologies, cloud computing, big data and so on.
Further, in such bank entities, when monthly bank statements are to be generated, there may exist discrepancies in financial transactions of the consumers. The discrepancies may include big size credit or debit transaction based on spending history, incomplete transaction, new beneficiary transfer, duplicate transactions, unauthorized transactions, difference in transaction amount like missing money or extra amount of money, unintentional mistakes like data errors, software issues, late payments, shrinkage and the like. For the aforementioned cases, identifying the discrepancies in the bank statements by bank reconciliation may be complex and time consuming if the records are maintained in legacy databases.
Techniques to deal with the legacy databases include middleware solutions which include creating new data store and uploading records or data of the legacy database onto a new data store. This provision allows for easy sharing of the records or the data with other systems and applications. However, the middleware solutions may be a temporary solution and undetected flaws in the uploading may result in unacceptable amounts of data loss. Also, replacement of the legacy database with modern technology databases may not be economical and are time consuming. Further, since the legacy systems have high reliability on the mainframe to host and process massive amount of data across industries, replacing the legacy systems encompasses fear of disruption or failure.
Need for modernization of the legacy systems has given rise to plurality of modernization techniques which are implemented on the legacy systems. However, none of the modernization techniques deal with the discrepancies in entries of the legacy databases. Along with the modernization of the legacy databases, a need for identifying the discrepancies in the modernized database also exists.
The information disclosed in this background of the disclosure section is only for enhancement of understanding of the general background of the invention and should not be taken as an acknowledgement or any form of suggestion that this information forms the prior art already known to a person skilled in the art.